In This Story
Spectrum Brands Holdings Inc. (SPB+0.20%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing reports net sales of $700.2 million for the quarter, a slight increase from $692.2 million in the same period the previous year. The growth was driven by higher sales in the Home & Garden segment.
Gross profit for the quarter was $257.8 million, up from $244.9 million in the prior year, with a gross margin of 36.8% compared to 35.4%. The increase in gross profit was attributed to improved sales volume and cost efficiencies.
Operating income was reported at $44.7 million, an increase from $25.0 million in the previous year, while interest expense decreased significantly to $6.2 million from $19.2 million.
Net income from continuing operations was $24.6 million, up from $17.5 million in the previous year. However, the company reported a net loss from discontinued operations of $0.8 million, compared to an income of $11.7 million in the prior year.
Cash used in operating activities was $71.9 million, compared to cash provided by operating activities of $18.1 million in the previous year, primarily due to increased working capital requirements.
The company reported total assets of $3,614.6 million as of December 29, 2024, with total liabilities of $1,586.0 million.
Spectrum Brands Holdings Inc. continues to focus on strategic transactions and restructuring initiatives to optimize operations and improve efficiency.
The company highlighted risks related to economic conditions, geopolitical tensions, and reliance on third-party suppliers, which could impact future performance.
The filing also notes the company's ongoing litigation related to the Tristar Business acquisition and potential environmental liabilities at former manufacturing sites.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spectrum Brands Holdings Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.